My Biggest Financial Mistake

We left off on my last post in 2005, driving a gas guzzling 2001 Dodge Durango while commuting an hour and gas being $4 a gallon. ๐Ÿ˜ฌ Go back and read Part 1 if you haven’t, because there’s lots of entertainment there that I can look back on now and say..what the?! ๐Ÿ˜‚

Back to the Durango part of the story..I had just started Financial Peace University and had also just started dating my now husband in 2007. I really wanted to do the debt snowball and keep the Durango and pay it off. But I was young and stubborn..and well..still financially irresponsible and just flat out stupid. ๐Ÿคทโ€โ™€๏ธ

Sooo..long story short..in 2008 I traded that ole Durango in for a gently used 2007 Nissan Altima. I couldn’t qualify for a car loan with under a 16% interest rate on my own, so my boyfriend (now husband) co-signed. Why are y’all out here enabling my bad decisions by co-signing..can we say enablers?! While I am absolutely grateful for the help on the loans, the now wiser older version of me is like..well..that was a sign I shouldn’t be getting a loan..period!!! If I wouldn’t have had that option, then maybe I would have figured out a different solution that didn’t involve another loan and $300 car payment. ๐Ÿ™…โ€โ™€๏ธ

With marriage, my husband brought a 2002 Nissan Maxima that was paid for. We ended up deciding in 2015 to trade it in for a 2014 Nissan Pathfinder SUV that we “needed”. So we did make that Maxima last a minute, and we even kept the Altima after we paid it off. (and my husband is still driving it today with over 200k miles) It smells weird and has different sounds, but it runs and that’s what our requirements list looks like for a car these days. ๐Ÿ˜œ

We ended up selling the Pathfinder because it had transmission issues and pissed me off at the wrong time on the wrong day. The Altima was also causing some troubles, so I decided it was no longer safe to commute in. We ended up doing some minor repairs and my little brother used the car for a year or so. Fast forward to 2017 and impulse buying my 2015 Infiniti Q50..cause I need a luxury car that my kids can spill their drinks and empty snacks all over in, and slam the doors into anything that is there when they open them. It’s also important to have premium gas for a commuter like myself. ๐Ÿคฆโ€โ™€๏ธ

Happy ending though..sold the Infiniti and replaced with a paid for in cash 2013 Nissan Altima with 124k miles on it. So we now have NO car payments and two Nissan Altimas to get around in.

I think it’s time to analyze the overall effect this financial mistake of having a car payment for 18 years had on my overall financial wellness. Hopefully this will help prevent it from happening to others in the future. If you take an average of $350 a month over that 18 years, that’s $75,600.

๐Ÿ™„๐Ÿ˜ฌ๐Ÿ˜ญ๐Ÿคข๐Ÿ˜ณ๐Ÿคฌ๐Ÿค”๐Ÿคฆโ€โ™€๏ธ

I could have easily had one or two cars last me through that timeframe for under $10,000. What would life be like had I taken that money and invested it or saved it and used it for down payments on 4-5 rental properties? I could have used the cash flow to pay for a car of my choosing. Also, did having to ensure I could cover that $350 every month make me less of a risk taker on chasing dreams and playing it safe for a steady paycheck? Deep thoughts and questions we will never know the answer to.

What I do know is that I drove myself down a road paved with bad decisions for 18 years, but better late than never to realize it’s time to take a different road. ๐Ÿ˜‰

I’m curious..what is your biggest financial mistake and what did you learn from it?

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Author: mindytempleton7371

Tales of my imperfect journey towards financial freedom. Paid off $165,000 in debt and now working on building wealth instead! Grateful for: ๐Ÿ‘จโ€๐Ÿ‘ฉโ€๐Ÿ‘งโ€๐Ÿ‘ฆ+๐Ÿถ+๐Ÿก+๐Ÿง˜โ€โ™€๏ธ+๐Ÿƒโ€โ™€๏ธ+ ๐Ÿ“– +๐Ÿฅ— #debtfree #financialfreedom #minimalist #frugal #realestateinvestor

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